The spot rate is currently testing the intermediate resistance of its medium term bearish channel in 1.6440 suggesting a decline. However a break of these levels would allow it to reach the upper limit of its channel to 1.6630.
According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1.6440 with a 1st objective of 1.6550, then 16580. A break in 1.6410 would invalidate this scenario.
